HomeMy WebLinkAbout0946 8. To perform, comply with and abide by each and every tttlpttlatioa, agreement. ooodit,oo and covenant in said promissory note and deed
set forth.
7. In the event the jurisdiMioa of the U. S. District Court shall be Invoked by or agairist the Mortgagor under say of the provisionu of the
Federal Bankruptcy Act, such action, whether voluntary or involuntary oa the part o~E the 1?tortgagor, shall automatically, without unties. as
cekrate the maturity of all sums oI money herein described and secrired Carl the saws shall thereupon become due sod payable forthwith
as fully as if the said aggregate sums of money were originally stipulated to be paid on such data.
8. To deliver to said Mortgagee on ex 1?efore Marcb 15th of each year. tas receipts evidencing the yment of all lawfully imposed lases
for the pree•rdinq calrmelar year, arrcl to deliver to said 1?lort ,ageC, receipts evidenciug the payment of aB liens for public improveurrnts within
nirxty (410) days alter the sauce shall become due acrd payab~e, and to pay or discharge within ninety (410) days after due date, any acrd all
governmental levies that u?ay he made on fire mortgaged p rty, on this mortgage or Dote, or in any other way resulting from the Mortgage
indebtedress secured by this mort 'age; and if this condition 1?e not comQlied with acrd perforr?red, said mortgagee maY paY such sum or suuu
which shall become part of flee de~t secured by this mortgage, suet shall bear interest at the de[ardt rate proa•iderl in said pron?issory note
payable monthly until paid or said Mortgagee may elect that said nwrtgage debt thereupon become due suet payable forthwith.
9. It is further covenanted creel agreed by said parties that in the event of a suit being instituted to foreclose this nwrtgage, the Mortgagee
shall be entitlcYl to apply at any tune pending such forcxaasure suit to the rnurt having jurisdiMion thereof for the appoinUnent of a receiver
of all and singular the mortgaged property, and of all the r?•uts, incouu•s, profits, issues and revenues thereof, from whatsoever source derived~
and thereupon it is hereby expressly covenanted acrd agreed that the court shall forthwith appoint' a receiver of said mortgaged property, ale
and singular, suet of such rents, incorr?es, prolits, issues aril revenue thereof, from whatsoever source derived, with the roust powers newt
duties of receivers in like cases; and such appaiuUucnt shall i,e niadc by such court as a matter-of striM right to the Mortgagee, its successors.
le}~.al representatives or assigns, and without reference to the adectuacy or Inadequacy of the value of the property hereby mortgaged, or to the
solvency or insolvency of the Mortgagor, and that such rent, profits, iucon?e, issues suet revenues shall be applied by such receiver to the pay-
ment of the mortgage inclebteclness, casts and charges, acconling to the order of such court.
10. if all or any part of the property or an interest therein tr sold or transferred by mortgagor without mortgagee
i prior written coruent,
excluding (a) the creation of a lien or encumbrance subordinate to this mortgage. (b) d?e creation of a purchase nronry security interest for
household appliances, (c) a transfer by devise or descent, or by operation of !aw upon the death of a joint tenant, or (d) the grant of any
leasehold interest of three years or less not containing an option to purchase, mortgagee may, at its o~tion, declare all the sums secured by
this nwrtgage to be immediately due acrd payable. Mortgagee shall have waived such option to acre crate if prior to the sale or trarufer,
mortti;agee and the person to whom the property is to lee sold or traruferred reach agreement in writing that t{re credit of such person is sat-
isfactory to Mortgagee and that the interest payal,le on the sums secured by this mortgage shall be at such rate as Mortgagee shall rectuest.
11. That in the event the prewises hereby mortgaged, or any part thereof, shall be conclemr?ed and taken fa public use under the power
of eminent domain, the Mortgagee shall have the right to demand that all damages awarded for the taking of or damages to said premises
shall be paid to the I1lortgagee up to t)re amount then unpaid on this mortgage and at the option of the !Mortgagee may be applied upon
flee payments last payable thereon.
12. The mortgagor binds hirrrself not to erect or permit to be erected any new buildings on the premises herein mortgaged ur to add to
or permit to be added to any of the existing improac?nents thereon or make any changes or alterations in said improvements which materially
chance the sauce or the rue thereof, without the Written consent of the Mortgagee, and in the event of any violation or attempt to violate this
stipulation Chic mortgage and all sums secured hereby shall immediately become due acrd rnllectible at the option of the Mortgagee.
13. It is specifically agreed tl?at time is of the essence of this contract and that no waiver of any obligation hereunder or of the obligation
secured hereby s)?all at any time be held to be a waiver of the terms hereof or of the irutruurent secured hereby.
!4. 1( foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instihrtevl, the .`.tort-
K;r_er pray, at etc option, immediately or thereafter declare this mortgage and the indebtedress secured hereby due acrd payable forthwith, and
may at its option proceed to foreclose this n?ortgage.
15. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein or secured hereby the `tortgagee is hereby
;abrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage lien or other encumbrance on the
?and descrited herein which is paid and/or satisfied in whole or in part out of the proceeds of the loan described herein or secured hereby
and the respcctivc liens of said mortgages, liens or other encumbrances shall be and the same and each of them hereby is preserved and shale
pa+u to and be held by the Mortgagee herein as security [or the indebtedness to the Aortgagee herein described or hereby sccurecl, to the same
extent that it world have been presen•ed and would have keen passed to and been held by the Mortgagee had it i,een duly acrd regularly
assi_mYl. transferred, se[ over scot deliecred unto the Mortgagee by separate deed of assignment notwithstanding the fact that the same may
he s:?ti.ficcl acrd cancell d of recorcl, it being the intention of the parties hereto that the same will be satisfied and cancelled of reYmd by the
holclcrs theyrc?f at or about the time of We recording of this mortgage.
16. To pay all and sinmdar the costs, charges and expenses, indudinq la er's fees, reasonably incurred or paid at any time by the \fort-
K:?L'ee• hec•au~c of the failure of the Morigaeor to perform, comply vvirh and abide by each and every the stipulations, agreements, conditions,
and covenants of said promisu,ry note and this deed, or either, and every such payment shall bear interest from date at the default rate pro-
~ vidc•cl in said promissory note.
E l7. «'hen any amount of moreey to he paid by the 1ltortgagor to the ~tortgagce under the terns hereof shall be in default, or should the
{ ~Inrtgaeor default in any of the other teens, provisions or rnnditiuns of this Mort¢age, there next in that case the Afortgagee shall have the
right- withal notice to the Mort_agor, to collect and receive from any tenant or lessee of said mortgaged premises the rents, issues and
profits of the real estate hereby mortgaged and the improvements thereon, and to give proffer receipts and acquittances therefor, and after
i pax•ins; all commissions of any rental agent collecting the same, and any reasonable attorneys fees and other necessary expenses incurred in
li cuhectint; same, to apply the proceeds of such collections upon any indebtedness, obligation or liability, of the Mortgagor hereunder. The
right granted the Tfortgagce under this paragraph shall he in addition to, and shall not limit or restrict, any other right or rights granted the
\1ort^_agee in this Atort¢age.
IR. if the Mortgagors at the time of making this Mortgage or subs~_ guent thereto take out life insurance desi¢nating the \mrtgagee herein
z. iM•nefic•ian- aaith a rnmpany approved by the Mortgagee or assigns p~Gcies to the I?iortgagee for the purpose of scrurinq the mortgage loan
hrr~bv ceY'UrCYI, then the !?tortgagcr shall have the right to pay any ppremium securing under said policies, and all sums sp expended shall be
added to next become a part of the principal indebtedness secured by this Mortgage and shall be paid by the 1ltortgagor to the Mortgagee
in tavehe ectual rnnsecutia•e monthly installments, the first monthly installment to be paid as a part of and in addition to the monthly payment
due under this Mortgage in the first calendar month following the expending of said sum. Such sums so expended to bear interest at the rate
at which interest is payable upon. said principal indebtedness suet the lien a~f this Mortgage shall extend to and secure the sums so expended
together with interest thereon as hereinl?efore provided.
19. At mortgagee's option, together with and in addition to the monthly payment of principal and interest payable under the terms of the
nnt~ secured hereby, Mortgagor shall pay to !1iort;;agee each month until said note is fully paid, one-twelfth (1/12) of a sum equal to the
annual premium due for fire, estended coverage, acrd other hazard iruurarrce including flood inuurance, covering the mortgaged property,
plus taxf•s and assessments next due on the mortgaged property (all as estimated by 1ltortgagee) less all srrr4ts already paid therefor, and to be
divided by the number of months to elapse prior to the date when such tares and assessments shall become delinquent. Said sums shall be
held by rtortgagce in trust or credited to the principal of the loan, to pay said insurance, tares, and assessments and shall be applied on the
payment thermf when due. Any excess held in taut by Mortgagee when said loan is paid in full shall be paid to Mortgagor, or his assigrss,
or personal representatives. In the event of a default or foreclosure, said sums held in trust may be applied on any costs of damages sustained
in rnnnection with the rnllection of the note secured hereby whether by suit foreclosure, or otherwise. Mortgagee may from time to time at
n, its oplion aa•aia•e, and after any such waiver, reinstate any or all provisions ~rereof requiring such deposits, by notice to.hiortgagor im writing.
While any such waiver is in effect, Mortgagor shall pay taxes, assessments and insurance premiums as herein elsewhere prmided.
20. '\tortgaeor shall comply with the provisions of any lease, if this mortgage is on a leasebold. I[ this mortgage is on a condominium unit,
mnrt~agor shall perform all of mortgagors obligations under the dr•claraNon of condominium or master deed, the by-laws and regulations of
the condominium project and constituent documents. Mortgagor h?rtl?er covenants that 6e and the association respt~nsible for the operation
of the conrlumininm will observe all of the proaisions of the said declaration amd any amendments thereto, and of the Cw?ndominium law of
the state, and aaill perform all obligations thereunder; and a failure to do so w~rich is not cured within 30 days after notice given by the Mort-
gagee to the mortgagor and the said association shall constitute a default under this mortgage. Mortgagor further specifically rnvenants, but not
by way of limitation, that he and the association will observe all of the proaisions of said declaration of rnndaninium relating to insurance
coverage.
21. Mortgagor further covenants and agrees that at the request of Mortgagee to famish a standard termite bond insuring against damage
by infestation on the buildings crow or hereafter located on the mortgaged property, in such amounts and terms, acrd with such company as
appmvrd and required by 1lfortgagee; suet in the event \mrtgagor does n~ comply with this covenant Mortgagee shall have the sarr>n righb
to obtain sauce as insurance coverage under covenant 7t3 hereof.
22. That in the event that this mortgage is given to secure a rnrutruetion loan. faihrre on the part of the Mortgagor or the Mortgagors
contractor, architect, engineers, or sub-contractors to comply with the terms of the Coristruction Loan Aggreement of even date herewith,
which u by reference incorporated herein, shall, at the option of the 1Mortgagee, constitute a default hereunder.
23. If the mortgaged premises is other than a one to four family dwelling, the 1?lortgagor covenants acrd agrees that he will, not later
than thirty f 30) clays after the end of the fiscal year, famish unto the Association a complete and accurate balance sheet and profit and loos
statement reflecting the Aortgagor
s liabilities as well as profit and loss For the fiscal year, end such balance sheet acrd profit and joss state-
ment shall be prepared by a certified public accountant licensed in the State of Fbrida. and shall be certified as being correct by such certi-
fied public accountant.
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